Shiba Inu (SHIB) saw the highest inflows to derivative exchanges in three months, which shows a surge in leverage.
traded at $0.000019 at press time after a slight 4.8% gain in 24 hours. These gains come as many altcoins trackThe recent gains coincided with a spike in inflows to derivative exchanges. On 29th October, SHIB netflows to derivative exchanges reached a three-month high of 563 billion.Unlike in spot exchanges where rising inflows signal selling pressure, inflows to derivative exchanges usually indicate increasing leverage.An influx in long positions usually portrays bullish sentiment.
The MACD histogram bars are also shrinking and fading, further showing that the selling pressure is waning. If the MACD moves above the signal line, it will create another buy signal that could see SHIB prices post a 17% rally to the 1.618 Fibonacci level .A surge in SHIB active addresses is also fuelling the bullish narrative. In 24 hours, the daily active addresses increased from 3,400 to a three-week high of 5,200, signaling rising user engagement and high demand for Shiba Inu.Besides the increase in daily active addresses, SHIB transaction volumes also increased to 7.6 trillion tokens.
A sustained increase in active addresses and the transaction count could support Shiba Inu’s uptrend. However, the sustainability of the rally will depend on the market sentiment.Mary is a seasoned crypto news writer passionate about blockchain technology, digital assets, and Web3. She has two years of experience delivering insightful analysis and news on key developments in the industry. She specializes in on-chain metrics, market behavior, industry insights, and technical analysis.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Assessing Shiba Inu’s 360% transaction surge: What’s next for SHIB?SHIB has experienced a massive 360% surge in large transactions over the past week, attracting attention from investors.
Read more »
Shiba Inu awaits a golden cross: A signal for you to buy SHIB today?The Shiba Inu golden cross could attract more market participants to bid for the meme coin, but the buying volume has been lukewarm recently.
Read more »
Shiba Inu’s 14,575% hike – Good news for SHIB’s price or should traders beware?Shiba Inu [SHIB] is in the news today after it saw a massive 14,575% hike in its burn rate, removing 279 million tokens from circulation...
Read more »
Shiba Inu: How falling Bitcoin volumes could fuel a 400% SHIB rallyA SHIB rally to $0.000020 might be on the horizon, as trading volume spikes significantly. However, a few conditions remain uncertain.
Read more »
Shiba Inu shows mixed signals: What’s next for SHIB?SHIB faces mixed signals as traders anticipate a breakout. Will it rally or remain in accumulation? AMBCrypto explores the possibilities.
Read more »
Shiba Inu: How derivative traders could fuel SHIB lossesDerivative traders are closing their positions on SHIB after the recent price decline created uncertainty around the meme coin's uptrend.
Read more »